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Are you looking to invest in an endowment policy? Do you know the claim process of an endowment plan? If not, read on the post to find the perfect guide to an endowment plan claim process.
Before getting into the claim process of an endowment plan, you should first know what is an endowment plan.
An endowment plan is a popular tool of investment that offers life coverage along with offering long-term security of your funds. It is a policy that allows guaranteed returns and serves the purpose of your financial goals.
With a new endowment plan in hand, you can achieve monetary goals like the education of your children, marriage of your children, financial security of the family, wealth accumulation over a long period of time and so on. On top of that it also allows tax benefits and exempt your capital from tax at maturity. So, you can save tax with an endowment plan as well as you don’t have to pay tax for the money that you receive once the policy matures.
Further, since it is a long term investment, it allows the investor to preserve the money for long and pass it on to your children without any tax liability.
Let’s discuss the claim process of endowment plan:
If the insured dies during the tenure of the endowment plan, his/her family needs to file a claim so that the death benefit can be received. Here is the process to claim the death benefit.
Fill the Claim Form – The first step, of course, is to fill the form of claim that you need to submit to the insurer in a proper way with proper details. Along with the form you also need to submit some other documents to start the claim process. The claim form should be duly signed by the nominee of the policy.
Below are the other documents that are required:
Once the nominee submits the form and the other required papers, they get verified by the insurer. Once the verification is successfully done, the claim amount is provided to the nominee.
So, now you know that it is very easy to claim an endowment policy and if you submit the right papers, you can get the claim amount in no time.
Let’s check the process of buying an endowment plan, especially to help the beginners who are unaware of the process.
An endowment plan can be bought either online or offline. If you are interested in buying an endowment plan, you must first fill the application as well as the proposal papers. Along with filling these papers, you also need to submit some documents. So, you must ensure to keep the required papers handy as they are necessarily required to purchase an endowment plan.
Below are the various documents needed to submit to the insurer to buy an endowment plan. These documents can be submitted offline at a branch office of your insurer or online through the company portal.
Also, don’t forget to provide all the original documents to the insurer. This is because if any inconsistency is found the insurer might cancel your application.
Investing in a best endowment plan is definitely the perfect way to secure your future and that of your family members. However, it is equally important to check the claim settlement ratio of the insurer you are planning to buy the insurance from. This way you will get to know your insurance company and how easy or difficult it is to get a claim released. You can choose a single premium endowment plan as per your requirement and use the LIC single premium endowment plan calculator to help you estimate the premium of your plan.
Further, make sure to read the terms and conditions of your policy papers before signing on the same to ensure 100% safety.
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